Adobe delivered a resilient Q2 2025, underscoring the strength of its subscription-led model and the durability of its high-margin software franchises. Revenue of $5.873 billion rose 8.6% year over year (YoY) and 2.8% quarter over quarter (QoQ), supported by broad demand for Digital Media and Digital Experience offerings. Gross profit reached $5.235 billion with a robust gross margin of 89.1%, reflecting strong product margins and favorable mix. Operating income was $2.109 billion, translating to an operating margin of 35.9%, while net income totaled $1.691 billion with a net margin near 28.8%. Diluted EPS stood at $3.95, up 4.5% YoY but down 4.8% QoQ. Cash flow remains exceptionally strong: operating cash flow of $2.191 billion and free cash flow of $2.144 billion, supporting aggressive capital allocation including $3.5 billion of share repurchases. The balance sheet remains robust with cash and cash equivalents of $4.931 billion, total debt of $6.563 billion, and net debt of $1.632 billion; goodwill remains a material asset at $12.83 billion, underscoring the importance of intangible assets in Adobe’s value driver base. In sum, Adobe’s QQ2 2025 results reinforce the durability of its platform economics, while management emphasis on AI-enabled product enhancements and cross-segment monetization points to potential upside, albeit with execution risk tied to continued renewal strength and competitive dynamics.